Central Banks Slow Down Gold Purchases in April as Poland Continues to Lead

Data from the World Gold Council shows that central banks around the world added a net total of only 12 tonnes of gold to their reserves in April. This marks the second consecutive month of slowing purchases, down 12% from March, and well below the 12-month average monthly purchase of 28 tonnes.

The report suggests that this slowdown may partly be due to the sharp rise in gold prices since the start of the year, prompting some banks to temporarily scale back purchases, even though central bank decisions are usually based on long-term strategic considerations.

Poland Remains Top Buyer, with China and Turkey Among Key Additions

Notable changes in central bank gold reserves during April included:

Poland: The National Bank of Poland added 12 tonnes, raising its reserves to 509 tonnes—surpassing the European Central Bank’s holdings of 507 tonnes. Since the beginning of the year, Poland has increased its reserves by 61 tonnes.

Czech Republic: Continued its buying streak by adding 3 tonnes, marking the 26th consecutive month of purchases.

China: Added 2 tonnes in April, bringing its total purchases for 2025 to 15 tonnes and its overall reserves to 2,294 tonnes.

Turkey: Increased its gold reserves by 2 tonnes, reaching a total of 626 tonnes.

Kyrgyzstan: Made its first purchase since December, adding 2 tonnes. However, it remains a net seller for the year, with total sales amounting to 2 tonnes.

Kazakhstan and Jordan: Each added around 1 tonne to their reserves.

Uzbekistan: Sold 11 tonnes in April, marking the third consecutive month of sales. Its total gold sales for the year now stand at 26 tonnes.

India Updates Reserve Data and Increases Domestic Holdings

India kept its gold reserves unchanged at 880 tonnes. However, in its semi-annual report, it clarified that 512 tonnes (58%) of those reserves are now stored domestically, compared to 510 tonnes (60%) six months ago. This reflects a broader effort by the Reserve Bank of India to enhance local storage, up from just 38% two years ago.

Notable Moves by African Central Banks Toward Gold

Several African central banks have announced plans to strengthen their gold reserves, including:

Namibia: Plans to raise gold’s share of total reserves to 3% for the first time.

Rwanda: Approved the start of gold purchases beginning in July.

Uganda: Announced it will use gold from artisanal mining to boost reserves and meet future financial obligations.

Madagascar: Plans to purchase 4 tonnes as part of a strategy to expand its reserves and regulate gold exports.

Kenya: Is considering adding gold to its reserves as a diversification measure, though no timeline has been set.